The New Patriotic Party (NPP) has thrown its full support behind calls for an investigation into reported US$1.7 billion losses linked to the Bank of Ghana’s Domestic Gold Purchase Programme (DGPP), demanding a transparent account of how the losses were incurred.
The party said the reported losses, equivalent to nearly GH¢22 billion, raise serious questions about the management of the gold purchasing programme and the respective roles of the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod).
Speaking at a press conference in Accra, NPP National Organiser Henry Nana Boakye said Ghanaians deserved clear answers on the financial outcome of the programme.
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According to the NPP, the issue should not be reduced to political exchanges or personal attacks but must instead be examined through official records, financial data and transaction details.
The NPP said the Domestic Gold Purchase Programme was originally introduced under the previous administration as part of measures to strengthen the cedi and support Ghana’s economic stability.
However, the party argued that the programme had subsequently resulted in significant losses under the current administration.
The NPP cited an International Monetary Fund (IMF) report in support of its concerns and called for a comprehensive investigation into the circumstances surrounding the reported losses.
“The central issue is not merely whether GoldBod or the Bank of Ghana should bear responsibility, but how the reported losses were incurred and whether adequate safeguards were in place,” the party said.
It demanded a detailed breakdown of the losses, including the extent to which they may have resulted from foreign exchange movements, differences between gold purchase and sale prices, and management decisions relating to individual transactions.
The opposition party said the Ghanaian public deserves a complete explanation of the transactions underlying the reported losses.
It warned that taxpayers could ultimately bear the financial burden if the Bank of Ghana requires recapitalisation because of substantial losses.
The NPP also criticised GoldBod and government officials for what it described as a failure to directly address the substantive financial questions raised by the Minority Caucus in Parliament.
The party specifically criticised GoldBod Chief Executive Officer Sammy Gyamfi, accusing him of responding to concerns over the losses with political attacks rather than detailed explanations.
The NPP said the focus should remain on the financial records and accountability surrounding the Domestic Gold Purchase Programme.
Beyond the reported financial losses, the NPP also raised concerns about the relationship between GoldBod’s operations and Ghana’s persistent illegal mining crisis, popularly known as galamsey.
The party questioned whether GoldBod has adequate systems to distinguish gold produced through legally authorised mining operations from gold sourced through illegal mining.
It warned that allowing illegally mined gold to enter the formal purchasing system could expose Ghana to both environmental and financial risks.
The NPP also highlighted the continued destruction of rivers, farmlands and forest reserves caused by illegal mining, warning that the long-term environmental costs could be substantial.
The party criticised the government for emphasising Ghana’s status as a major global gold producer without, in its view, adequately addressing the environmental consequences associated with increased gold production.
The NPP reaffirmed its support for the Minority Caucus in Parliament, led by Minority Leader Alexander Afenyo-Markin, in its demand for greater scrutiny of GoldBod and the Bank of Ghana.
The party described the Minority’s efforts as a national accountability exercise rather than a partisan campaign.
It urged NPP MPs to use parliamentary mechanisms to obtain answers, including parliamentary questions, committee hearings, requests for documents, debates and other procedures available under Parliament’s Standing Orders.
The NPP said it would continue to support the Minority until Ghanaians receive a comprehensive explanation of the reported US$1.7 billion DGPP losses.
The opposition party maintained that institutions entrusted with managing public resources must remain accountable to the Ghanaian people.
It therefore called on the government, GoldBod and the Bank of Ghana to provide detailed documentation on the transactions and circumstances that resulted in the reported losses.
The NPP said political exchanges should not be allowed to obscure the substantive financial questions surrounding the Domestic Gold Purchase Programme.
It insisted that the reported GH¢22 billion loss requires proper scrutiny, transparency and accountability.